Fiscal Note
No additional City appropriation is required for the proposed property sale. The purchase price for approximately 218,046 square feet, or 4.9 acres, of City-owned land shall be $3.35 per square foot as identified in the final certified survey map for an estimated total of $730,454. Any net proceeds following the sale and associated closing costs will be deposited into the City's General Land Acquisition Fund. The General Land Acquisition Fund’s current cash balance is approximately $2.68 million, $1.37 million of which is unassigned fund balance. Proceeds from the proposed sale will increase this cash balance to $3.41 million, assuming the GLA fund has not made a cash purchase of any property.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and G. Newcomb Properties, LLC or its assigns, for the Purchase of Lots 51-56 and portions of Lots 57-58 in the Center for Industry & Commerce. (17th AD)
Body
WHEREAS, G. Newcomb Properties, LLC (“Newcomb”) is seeking to purchase approximately 218,046 square feet, 4.9 Acres of City owned land in the Center for Industry & Commerce (Lots 51-56 and portions of Lots 57-58) for constructing a speculative office, flex, manufacturing and warehouse facility (the “Property”); and
WHEREAS, Newcomb intends to construct an approximately 48,000 square foot office/warehouse facility on the Property; and
WHEREAS, the terms of the purchase and sale agreement will include a guarantee for commencement of construction together with penalties for non-compliance.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Madison hereby authorizes the Mayor and City Clerk to execute a Purchase and Sale Agreement (“Agreement”) between the City (“Seller”) and G. Newcomb Properties, LLC and/or its assigns (“Buyer”), for the purchase of the Property on substantially, though not exclusively, on the following terms and conditions:
1. Property. The boundaries for the Property s...
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